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What’s Next for Nuveen S&P 500 Buy-Write Income Fund (BXMX) After Forming Bullish Multiple Top Pattern?

The stock of Nuveen S&P 500 Buy-Write Income Fund (BXMX) shows a multiple tops pattern with $14.30 target or 5.00 % above today’s $13.62 share price. The 7 months chart pattern indicates low risk for the $1.41 billion company. It was reported on Nov, 10 by If the $14.30 price target is reached, the company will be worth $70.50M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.80% or $0.11 during the last trading session, reaching $13.62. About 151,898 shares traded. Nuveen S&P 500 Buy-Write Income Fund (NYSE:BXMX) has risen 4.98% since November 10, 2017 and is uptrending. It has underperformed by 10.64% the S&P500.

Nuveen S&P 500 Buy-Write Income Fund is a closed-ended equity indexed mutual fund launched by Nuveen Investments, Inc. The company has market cap of $1.41 billion. It is co-managed by Nuveen Fund Advisors LLC and Gateway Investment Advisers, LLC. It has a 16.69 P/E ratio. The fund invests in the public equity markets of the United States.

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